One in 10 (10%) employers have in the last year introduced support for retaining employees aged over 50 years old, according to new research by Aviva.
The insurance, wealth, and retirement business’ Working lives report 2023: fit for future found that more than three-quarters (76%) think it is important to retain employees aged 50 and above, with almost one-third (32%) of those saying it is very important.
It also discovered that in the last year, around one in 10 introduced other new initiatives to support their people for the first time. These include support for diversity, equity, and inclusion (9%), menopause symptoms (6%), LGBTIQ+ employees (7%), neurodiverse employees (7%) and staff experiencing fertility issues (5%).
In addition, almost two-thirds (61%) of employers struggle to offer a competitive workplace benefits package, with 46% saying it is because the cost to implement them is too high. However, almost three-quarters (74%) plan to improve their workplace benefits package, with 20% planning to do so within the next 12 months.
Debbie Bullock, head of wellbeing at Aviva, said: “Employees over 50 can be a valuable asset to an organisation, bringing a breadth of experience and skills. It is important they are supported by employers in a way that recognises their individual needs. Employers have a role in encouraging their people to use their skills in less pressurised roles and jobs they enjoy. The social aspect of work and the act of going to work can contribute to improved mental and physical health.
“Providing support for a diverse range of wellbeing needs is not just the right thing to do, it also makes sound commercial sense. When people feel supported by their employer, it helps to alleviate the pressure they might be under and allows them to be their authentic selves when coming into work. This in turn improves morale and motivation, which in turn improves productivity and performance.”